Meredith College
- Assets
- $208.3m
- Revenue
- $93.6m
- Investments
- $44.4m
- Employees
- 1,076
- Location
- Raleigh, NC
- Founding
- 04/1942
- Data as of
- 06/2022
- EIN
- 56-0530242
Organization Overview
Meredith College is located in Raleigh, NC. The organization was established in 1942. According to its NTEE Classification (B43) the organization is classified as: Universities, under the broad grouping of Education and related organizations. As of 06/2022, Meredith College employed 1,076 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Meredith College is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Meredith College generated $93.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $89.3m during the year ending 06/2022. While expenses have increased by 2.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
FOUNDED IN 1891, MEREDITH IS ONE OF THE LARGEST WOMEN'S COLLEGES IN THE SOUTHEAST. MEREDITH OFFERS COMPREHENSIVE LIBERAL ARTS AND PROFESSIONAL STUDIES FOR UNDERGRADUATE WOMEN. AT THE GRADUATE LEVEL, MEREDITH OFFERS CO-EDUCATIONAL M.B.A., M.A.T., M.ED., AND M.S. IN NUTRITION, M.A. IN PSYCHOLOGY, AND M.A. IN CRIMINAL JUSTICE PROGRAMS. POST-BACCALAUREATE CERTIFICATE PROGRAMS INCLUDE DIGITAL COMMUNICATIONS, DIETETICS, PARALEGAL, AND PRE-HEALTH.
Describe the Organization's Program Activity:
MEREDITH COLLEGE CHALLENGES STUDENTS TO DISCOVER WHAT MAKES THEM STRONG, BUILD ON THOSE STRENGTHS, AND PREPARE TO MAKE A POSITIVE IMPACT ON THE WORLD. WITH MORE THAN 90 UNDERGRADUATE ACADEMIC PROGRAMS, CLOSE TO 30 GRADUATE AND CERTIFICATE PROGRAMS, AND STRONGPOINTS, A POWERFUL STRENGTHS-FOCUSED PERSONAL COACHING INITIATIVE, IT'S NO WONDER U.S. NEWS, THE PRINCETON REVIEW, AND FORBES.COM HAVE ALL NAMED MEREDITH A "BEST COLLEGE."
AUXILIARY ENTERPRISES: THE COLLEGE PROVIDES A NUMBER OF SERVICES THAT SUPPORT LEARNING, BUILD COMMUNITY AND ENHANCE THE OVERALL QUALITY OF STUDENT LIFE. THESE INCLUDE, BUT ARE NOT LIMITED TO, RESIDENTIAL HOUSING, APARTMENTS, DINING, CAMPUS STORE AND MAIL SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jo Allen President | Officer | 40 | $342,144 |
N Jean Jackson VP College Programs, Board Secretary | Officer | 40 | $192,625 |
Charles Barton VP Institutional Advancement | Officer | 40 | $192,116 |
Matthew Poslusny Senior VP & Provost | Officer | 40 | $191,468 |
Tammi D Jackson VP Business & Finance (current) | Officer | 40 | $176,577 |
Jeffrey Howlett Cio | 40 | $153,263 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Inland Construction Facilities Contractor | 6/29/22 | $3,262,306 |
Aramark Corporation Dining And Facilities Mgmt. | 6/29/22 | $3,204,440 |
David Fletcher Dba Carolina Earthscapes Facilities Contractor | 6/29/22 | $769,069 |
Womble Bond Dickinson Legal | 6/29/22 | $388,368 |
Pinnacle Business Solutions It Services | 6/29/22 | $623,703 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $32,650 |
| Related organizations | $0 |
| Government grants | $4,975,392 |
| All other contributions, gifts, grants, and similar amounts not included above | $9,811,404 |
| Noncash contributions included in lines 1a–1f | $1,211,643 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $14,819,446 |
| Total Program Service Revenue | $70,508,687 |
| Investment income | $1,859,861 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,371,087 |
| Net Income from Fundraising Events | $34,720 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $93,593,801 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $32,029,262 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,204,609 |
| Compensation of current officers, directors, key employees. | $586,664 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $25,173,384 |
| Pension plan accruals and contributions | $1,211,596 |
| Other employee benefits | $3,597,267 |
| Payroll taxes | $1,958,193 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $476,849 |
| Fees for services: Accounting | $173,817 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $555,646 |
| Fees for services: Other | $812,632 |
| Advertising and promotion | $492,291 |
| Office expenses | $596,054 |
| Information technology | $2,098,932 |
| Royalties | $0 |
| Occupancy | $3,018,330 |
| Travel | $287,197 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $57,488 |
| Interest | $1,992,163 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,631,564 |
| Insurance | $778,124 |
| All other expenses | $3,836,351 |
| Total functional expenses | $89,348,298 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,306 |
| Savings and temporary cash investments | $15,430,463 |
| Pledges and grants receivable | $4,971,754 |
| Accounts receivable, net | $2,549,586 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $122,389 |
| Prepaid expenses and deferred charges | $47,337 |
| Net Land, buildings, and equipment | $59,736,180 |
| Investments—publicly traded securities | $80,050,842 |
| Investments—other securities | $44,430,338 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $934,200 |
| Total assets | $208,277,395 |
| Accounts payable and accrued expenses | $4,426,725 |
| Grants payable | $0 |
| Deferred revenue | $1,645,506 |
| Tax-exempt bond liabilities | $42,321,307 |
| Escrow or custodial account liability | $255,922 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $2,725,000 |
| Other liabilities | $10,691,963 |
| Total liabilities | $62,066,423 |
| Net assets without donor restrictions | $21,233,386 |
| Net assets with donor restrictions | $124,977,586 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $208,277,395 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Meredith College has recieved totaling $21,402.
| Awarding Organization | Amount |
|---|---|
Lucy T Fassett Memorial Trust Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $13,652 |
Fonville-Sams Foundation Louisville, KY PURPOSE: CHARITABLE | $6,500 |
Wake Electric Care Inc Youngsville, NC PURPOSE: EDUCATIONAL | $1,250 |
Endowment Analysis
| Beg. Balance | $144,589,705 |
| Earnings | -$15,829,789 |
| Net Contributions | $3,976,439 |
| Other Expense | $3,952,756 |
| Grants | $4,068,540 |
| Ending Balance | $124,715,059 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Wake Forest University Winstonsalem, NC | $2,570,183,256 | $681,736,258 |
Emory University Decatur, GA | $308,834,835 | $526,678,235 |
Savannah College Of Art And Design Inc Savannah, GA | $1,297,162,714 | $587,003,201 |
University Of Richmond Richmond, VA | $3,926,462,707 | $713,801,637 |
The Corporation Of Mercer University Macon, GA | $975,470,567 | $444,048,225 |
Belmont University Nashville, TN | $1,474,473,117 | $464,356,154 |
Elon University Elon, NC | $1,076,200,947 | $374,224,853 |
Campbell University Inc Buies Creek, NC | $678,742,436 | $263,777,466 |
Lipscomb University Nashville, TN | $502,799,879 | $216,257,194 |
Hampton University Hampton, VA | $893,877,520 | $270,327,094 |
Lincoln Memorial University Harrogate, TN | $295,338,228 | $171,241,775 |
Wingate University Wingate, NC | $260,864,195 | $150,590,058 |